Peter Kern, the former CEO of the U.S. travel technology firm Expedia, has been named the new owner of the struggling Italian luxury lingerie brand La Perla, according to a recent announcement by the Italian government.
Kern presented the most favorable bid for the company, both in terms of financial backing and job preservation, as revealed by Italian Minister of Enterprise and Made in Italy, Adolfo Urso, during a roundtable discussion about La Perla held at Palazzo Piacentini.
He has pledged to invest approximately €30 million (around $34.31 million) by 2027, with plans to prevent layoffs and restore production at the brand’s Bologna factory, the minister stated.
Kern is also the owner of Brunello di Montalcino vineyards in Tuscany.
La Perla began its journey in 1954 as a corset manufacturer in Bologna and later diversified into lingerie, swimwear, and loungewear. The company remained under the control of its founder Ada Masotti’s family until 2008, when it was acquired by JH Partners, a San Francisco-based private equity firm that already had a significant stake.
After being purchased by German entrepreneur Lars Windhorst in 2018 through a judicial auction, the brand continued to face challenges.
Kern’s proposed turnaround strategy, which will be finalized in the coming weeks following discussions with labor unions, aims to boost employment at La Perla from the current 210 positions to approximately 250, according to Urso.
Additionally, the Italian government is set to approve furlough programs this week to provide financial support for La Perla’s temporarily laid-off workers until the acquisition is finalized, the minister added.
